[Code of Federal Regulations]
[Title 12, Volume 2]
[Revised as of January 1, 2006]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR210.15]

[Page 297]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 210_COLLECTION OF CHECKS AND OTHER ITEMS BY FEDERAL RESERVE BANKS 
AND FUNDS TRANSFERS THROUGH FEDWIRE (REGULATION J)--Table of Contents
 
 Subpart A_Collection of Checks and Other Items By Federal Reserve Banks
 
Sec. 210.15  Direct presentment of certain warrants.

    If a Reserve Bank elects to present direct to the payor a bill, 
note, or warrant that is issued and payable by a State or a political 
subdivision and that is a cash item not payable or collectible through a 
bank: (a) Sections 210.9, 210.12, and 210.13 and the operating circulars 
of the Reserve Banks apply to the payor as if it were a paying bank; (b) 
Sec. 210.14 applies to the payor as if it were a bank; and (c) under 
Sec. 210.9 each day on which the payor is open for the regular conduct 
of its affairs or the accommodation of the public is considered a 
banking day.